How did you build business funds?

nomad · Jun 12, 2023

Generally speaking, you can build business funds in 4 different ways:
Use your savings
Burrow from friends and family
Get a loan
Sell your assets
There is also a fifth method where you get funding from an investor, however, in order for this to happen, you should already have invested in your business and your business is already functional.
When you started a business, how did you build your business fund?

SHAHID987 · Jun 12, 2023

Borrowing loan from anywhere may fire back as it could be causes problems in long run,
it's better to prepare your own capital. Save money for long time and then start business.

Passiveearner · Jun 12, 2023

SHAHID987 said:
Borrowing loan from anywhere may fire back as it could be causes problems in long run,
it's better to prepare your own capital. Save money for long time and then start business.

Well, this is why I would never ask for money from anyone. It is always a very important thing to use your personal finance when it comes to managing business operations and investing money in the business. I would sell what I have, but I would never borrow money.

Heatman · Jun 12, 2023

nomad said:
Generally speaking, you can build business funds in 4 different ways:
Use your savings
Burrow from friends and family
Get a loan
Sell your assets
There is also a fifth method where you get funding from an investor, however, in order for this to happen, you should already have invested in your business and your business is already functional.
When you started a business, how did you build your business fund?

As far as I'm concerned for myself the best way for me to build funds that I need to carry out my business is through savings for the business because it is the best. I will never borrow money from friends or bank to do or start any business.

cherry123 · Jun 12, 2023

There are about 3-4 outstanding wsys that people make out to create their funds for their startup . This include Use of their savings, they also
borrow from friends and family or get a loan

Stardom22 · Jun 12, 2023

For me I saved little by little in the Bank account that I opened purposely. I then borrowed a loan from a micro finance and deposited it to the same account. I repaid the loan till I finished then I started the business with my own money from the bank account.

olaniyi · Jun 12, 2023

You can build a business fund in anyway Maybe you work as part time work at first to generate you find or you contact family and friends for help or you work on a website

IB D · Jun 12, 2023

I built my business funds for start up by taking up a paid employment and makings savings from the salary for startup of my business. For expansion, I build funds by keeping a part of the profits.

nomad · Jun 13, 2023

Heatman said:
As far as I'm concerned for myself the best way for me to build funds that I need to carry out my business is through savings for the business because it is the best. I will never borrow money from friends or bank to do or start any business.

If you plan on a small business that requires little investment, your savings can help you to get started. However, if you are planning something big, I really doubt that your savings will be enough for starting a business

Etini Willie · Jun 13, 2023

I started by working as an intern music producer and back up singer while doubling up as a church instrumentalist. I saved up funds from all these endeavors to set up a studio with my partner.

Shavkat · Jun 13, 2023

I started my online business without borrowing money or the working capital. It is because I sell the used and new items stored in our storage room. If I gain the profit from doing so, I can use it as a working capital.

Passiveearner · Jun 13, 2023

Well, I reckon that saving money is the best source of funds for many people. The fact remains that this is what many people do. They tend to rely more and more on personal savings and this is far much better than taking loans.

cherry123 · Jun 13, 2023

You can saved money from your paid employments to startup any business. You can also build funds by keeping a part of the profit from another investment to start another investment

Heatman · Jun 13, 2023

olaniyi said:
You can build a business fund in anyway Maybe you work as part time work at first to generate you find or you contact family and friends for help or you work on a website

If you definitely have to resort to getting assistance from somewhere to raise funds for your business, I believe that it is best to do it from your family members instead of going to the bank.

cherry123 · Jun 13, 2023

I don't like the idea of getting a loan but you can if you are sure that you wouldn't be struggling to pay back borrowed money in future as it can be draining

eldavis · Jun 13, 2023

When i first tried to startup my business back then, i was able to get the small funds i needed from my earnings online. And some of the profits i got from some jobs i did.

cherry123 · Jun 13, 2023

Starting a business always need either big orsmall funds You just need to find a way to fund it . it could be from your earnings offline or online or from savings

Springtime · Jun 17, 2023

I currently do not own a business. If I plan to start one, I would use part of my savings to fund the business. I would also apply for SME loan from the government. Their interest rate is low and the government may also introduce you to some mentors and angel investors.

Niyi Briggs · Jun 17, 2023

I had to undertake rigorous savings from my paid monthly job to add to what I could realize from other small things I was doing to set up my poultry farm. It was a time of real sacrifice for me.

Stardom22 · Sep 18, 2024

This is something that most businesses are overwhelmed about. It's very tricky when it comes to the matters with funds regards

How did you build business funds?

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